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Gore Street Energy Storage Fund PLC posts “significant” NAV rise after strong portfolio growth

The energy storage fund said its deal pipeline stands at 1.2GW with 581MW actively under negotiation

Gore Street Energy Storage Fund PLC (LSE:GSF), the energy storage fund, announced a net asset value per share of 103.3p at the end of September, up from 100.9p on 31 March, improved by generating revenues at the company’s two Northern Irish sites, which have delivered 100MW of balancing capacity since they began commercial operation in March. 

Net assets increased significantly to £285.3mln as at 30 September from £145.1mln a year earlier.

The company increased its portfolio by 136.9MW to 0.52GW, representing growth of 26%.

Gore Street said it has a pipeline focused on further diversification of the portfolio outside of the UK and Irish markets and into regional markets in North America and Western Europe where it predicts substantial growth over the coming years.

It said the investment manager’s deal pipeline stands at 1.2GW with 581MW actively under negotiation. 

The company declared a quarterly dividend for the period of 4.0p per share.

READ: Gore Street Energy Storage Fund secures significant boost to grid capacity in Ireland

Alex O’Cinneide, the chief executive of Gore Street Capital, the investment adviser to the company, said: “I am delighted to report that Gore Street has had another exceptional period of successful growth as we continued to consistently deliver against our strategy and targets, providing attractive returns to our investors in an important sector, underpinned by significant environmentally-focused tailwinds.

“We successfully raised a total of £135mln in April, and post period-end raised a further £73.6mln in October 2021. This reflects the ongoing momentum of attractive opportunities in our pipeline.”

“The global transition to clean and renewable energy generation remains a leading priority for governments in the UK and Ireland, as well as further afield, and our assets play a major role in enabling that transition, whilst creating significant value for our shareholders.”

Read More: Gore Street Energy Storage Fund PLC posts “significant” NAV rise after strong portfolio growth

2021-12-20 04:17:00

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